Square loans 2026

[moxiemavenandco]

Hi! I am currently @ 49% paid of my 8th loan with square. Typically offers have come in at around 50-60% since. I have seen a few people mentioning that they now do a soft credit pull and am wondering if this pertains to personal credit or business credit? 

[Abby_M · Accepted solution]

Hi @moxiemavenandco 

Appreciate you taking the time to post.

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

Don’t hesitate to contact us directly if you have further questions or concerns.

[locksmithnick]

I’ve always wondered, what are other people’s new vs returning customer numbers like? I’m a locksmith, not a coffee shop, so I imagine mine are a bit different than other types of businesses. I’m usually around 79% new to 21% returning. Is that good? 

[BiB]

Mine is opposite but I run a day spa. It's 30%-35%new and 65%-70% returning. We get a good mix of regulars and out-of-towners.

[Twpchair]

I’m retail furniture store and mine varies from summer to winter. In the summer I can be 60% new to 40 returning and in the winter months (I’m in a snowbird state) my new is still up but it’s closer. 

[SammyL32]

On my 5th square loan. 99% with $137 left, will clear it today. the loan was for $28k. no new loan offer still. sales have doubled in the last year. 150k to now on track for a 350-360k year. i process 90% card sales. antique store. average $1,500-$2,500 in daily sales. the last two loans came after pay off. before that it was 58% paid off with new offer. the fact that i have doubled sales the last 8 months, paid off this current loan in 5 1/2 months and still no loan offer is very concerning and confusing. all fields are green. i have had 1 dispute in the last 14 months. i do not accept refunds. i process 90% on cards over cash. i am strongly considering switching to shopify now. 

[locksmithnick]

Now that’s very interesting. Only two plausible reasons I can think of. 

1. Your growth is so strong and rapid, they’re evaluating you over a longer period to make an accurate loan offer. They don’t want the “boom” to be short lived or something, and then realize they loaned too much. 

2. It’s completely random who gets an offer, with green metrics being the only variable that puts you in the “pool” of potential offers. 

I’ve done 24 loans in 12 years and only gotten to 100% twice. The very first one, and one somewhere in the middle. Have a great weekend and enjoy seeing that 100%! 

[BiB]

#2. LOL

[BiB]

I feel your pain and frustration. Literally in the same boat but over two weeks paid off. Midsize loan paid off in 6.5 months and processing doubled. Hopefully something starts happening for people soon.

[SammyL32]

my business has quite literally doubled (thank god) but i need the next loan for holiday season inventory and holiday shopping in nyc starts end of October. So i am FRUSTRATED! I stopped making manual payments mid April to avoid that "10 day manual payment delay" so this has not only been organic pay off its been quick organic pay off! I truly do not believe the metrics are even real or truly considered. 

[locksmithnick]

I wouldn’t suggest ever making manual payments. That’s almost like telling them “I want this to be paid off and over with”. 

Trust me….they WANT to give you money, and BEFORE it hits 100% paid. That’s how they make more money…

[SammyL32]

will avoid that in the future. i just paid off the loan so lets see!

[SammyL32]

UPDATE: I cleared the loan yesterday around 2:30. this was a 28k loan paid off in 5 1/2 months. At 5pm last night I received  a 120 day 10k cash advance. I am truly astonished this is what i was offered. after doubling my business and paying off my 5th loan. what is going on? 10k... has anyone else seen this after a loan is paid off and their business has doubled in revenue? i am truly shocked. i am calling Shopify today. truly shocked.  

[locksmithnick]

Well, that’s different. Maybe don’t take it, and see what happens in a week or so. 

[SammyL32]

actually in shock! i am most definitely not taking this. 

[locksmithnick]

How much did Square want in return for the $10k?

[SammyL32]

1k loan fee. for my growth over the last 12 months, this feels like a slap in the face. Very strange. 

[locksmithnick]

I’m sure it’s nothing personal, they’re probably just experimenting. Do you have the Square Credit Card?

[SammyL32]

definitely not personal considering the majority of the company is AI now. and no to the credit card, i have kepot checking and other banking separate from square the last 4 years.  This hasn't effected the other large loan offers in the past for me.